Editing Columbia Pictures (section)

===1970s===
Nearly bankrupt by the early 1970s, the studio was saved via a radical overhaul: the Gower Street Studios (now called "[[Sunset Gower Studios]]") were sold and a new management team was brought in. In 1972, Columbia and Warner Bros. formed a partnership called The Burbank Studios<!-- Do not wikilink. The Burbank Studios of today is the old NBC lot; this was the current WB lot. -->, in which both companies shared the [[Warner Bros. Studios Burbank|Warner studio lot]] in [[Burbank, California|Burbank]].

{{Anchor|Columbia Pictures Publications}}
In 1971, Columbia Pictures established sheet music publisher Columbia Pictures Publications, with vice president and general manager [[Frank Hackinson|Frank J. Hackinson]], who later became the president.<ref>{{cite web|url=https://www.fjhmusic.com/hackinson.htm|title=The F.J.H. Music Company Inc. – About us|website=fjhmusic.com|access-date=June 26, 2017|archive-date=July 20, 2017|archive-url=https://web.archive.org/web/20170720130346/http://www.fjhmusic.com/hackinson.htm|url-status=dead}}</ref>

In 1973, [[Allen & Company|Allen & Co]] took a financial stake in Columbia Pictures Industries and [[Alan Hirschfield]] was appointed CEO,<ref>{{Cite news|url=https://www.nytimes.com/2015/01/29/business/media/alan-j-hirschfield-79-hollywood-executive-is-dead.html|title=Alan J. Hirschfield, 79, Hollywood Executive, Is Dead|last=Cieply|first=Michael|date=January 28, 2015|work=[[The New York Times]]|access-date=February 8, 2015|language=en-US|issn=0362-4331}}</ref> succeeding [[Leo Jaffe]] who became chairman. Stanley Schneider, son of Abe Schneider (who became honorary chairman before leaving the board in 1975) was replaced as head of the Columbia Pictures studio by [[David Begelman]], who reported to Hirschfield. Some years later Begelman was involved in a check-forging scandal that badly hurt the studio's image.

On May 6, 1974, Columbia retired the [[Screen Gems#Television subsidiary (1948–1974)|Screen Gems]] name from television, renaming its television division to the name of [[Columbia Pictures Television]]. The name was suggested by [[David Gerber]], who was then president of Columbia's television division.<ref name="broadcasting19740506">{{cite magazine|date=May 6, 1974|title=Remodeling at Screen Gems|magazine=Broadcasting|page=39}}</ref> The same year, Columbia Pictures acquired Rastar Pictures, which included Rastar Productions, Rastar Features, and Rastar Television. Ray Stark then founded Rastar Films, the reincarnation of Rastar Pictures, which was acquired by Columbia Pictures in February 1980.<ref name="Google Books 1992">Dick, p. 29.</ref>

Columbia Pictures also reorganized its music and record divisions. [[Clive Davis]] was hired as a record and music consultant by Columbia Pictures in 1974 and later became temporary president of [[Bell Records]]. Davis's real goal was to revitalize Columbia Pictures' music division. With a $10&nbsp;million investment by CPI, and a reorganization of the various Columbia Pictures legacy labels (Colpix, [[Colgems Records|Colgems]], and Bell), Davis introduced Columbia Pictures' new record division, [[Arista Records]], in November 1974, with Davis himself owning 20% of the new venture. Columbia maintained control of the label until 1979, when it was sold to [[Ariola|Ariola Records]]. In addition, Columbia sold its music publishing business (Columbia-Screen Gems) to [[EMI Music Publishing|EMI]] in August 1976 for $15&nbsp;million.<ref name=hist7079>{{cite web|url=http://www.emiarchivetrust.org/archiveHistory.aspx?id=1571498|title=A Brief History of EMI: 1970–1979|access-date=April 6, 2013|publisher=The EMI Group Archive Trust|archive-url=https://web.archive.org/web/20110923060515/http://www.emiarchivetrust.org/archiveHistory.aspx?id=1571498|archive-date=September 23, 2011|url-status=live}}</ref> Both would later be reunited with Columbia Pictures under Sony ownership.

In December 1976, Columbia Pictures acquired the arcade game company [[Gottlieb|D. Gottlieb & Co.]] for $50&nbsp;million.<ref name="googlebooks19771126">{{cite magazine|date=November 26, 1977|title=Arista Helps Columbia Pictures|magazine=Billboard|page=8}}</ref>

In 1978, Begelman was suspended for having [[Embezzlement|embezzled]] money from Columbia. Hirschfield was forced out for his refusal to reinstate him.<ref>{{cite news|first=Alex|last=Stedman|title=Alan Hirschfield, Former Columbia Chief Exec, Dies at 79 |url=https://variety.com/2015/film/news/alan-hirschfield-former-columbia-chief-exec-dies-at-79-1201408596/ |work=[[Variety (magazine)|Variety]] |date=January 16, 2015 |access-date=February 8, 2015}}</ref><ref>{{cite news|title=Alan Hirschfield, Former Chief Exec of Columbia, Dies at 79 |url=https://www.hollywoodreporter.com/news/alan-hirschfield-chief-exec-columbia-764634 |work=[[The Hollywood Reporter]] |date=January 18, 2015 |access-date=February 8, 2015}}</ref> Begelman later resigned and was replaced by [[Daniel Melnick]] in June 1978.<ref name=DV80>{{cite news|work=[[Daily Variety]]|title=Film studio exec caught in revolving doors|date=October 28, 1980|page=34}}</ref> [[Fay Vincent]] was hired to replace Hirschfield.

[[Frank Price]] became president of production in 1978. In March 1979, he would become president of Columbia Pictures, succeeding Melnick.<ref name=DV80/> During Price's tenure he was responsible for turning out 9 of the top 10 grossing films in Columbia's history.<ref name=dutka2>{{cite web |url=https://www.latimes.com/archives/la-xpm-1990-03-22-fi-1047-story.html |title=Hollywood Veteran Price to Head Film Unit at Columbia |work=[[Los Angeles Times]] |author=Elaine Dutka |date=March 22, 1990 |access-date=November 18, 2017}}</ref>

In the fall of 1978, [[Kirk Kerkorian]], a Vegas casino mogul who also controlled [[Metro-Goldwyn-Mayer]], acquired a 5.5% stake in Columbia Pictures.<ref name=":0">{{Cite news|url=https://www.latimes.com/archives/la-xpm-1990-03-08-fi-2987-story.html|title=MGM/UA Under Kerkorian Meant 20 Years of Change|date=March 8, 1990|work=Los Angeles Times|access-date=May 16, 2019|language=en-US|issn=0458-3035}}</ref> He then announced on November 20, that he intended to launch a tender offer to acquire another 20% for the studio.<ref name=":0" /> On December 14, a standstill agreement was reached with Columbia by promising not to go beyond 25% or seeking control for at least three years.<ref name=":0" />

On January 15, 1979, the [[United States Department of Justice]] filed an [[Competition law|antitrust]] suit against Kerkorian to block him from holding a stake in Columbia while controlling MGM.<ref name=":0" /> On February 19, 1979, Columbia Pictures Television acquired TOY Productions; the production company founded by [[Bud Yorkin]] and writers [[Saul Turteltaub]] and [[Bernie Orenstein]] in 1976.<ref name="broadcasting19790219">{{cite magazine|date=February 19, 1979|title=New TOY|magazine=Broadcasting|page=39}}</ref> In May, Kerkorian acquired an additional 214,000 shares in Columbia, raising his stake to 25%.<ref name=":0" /> On August 2, the trial began; on August 14, the court ruled in favor for Kerkorian.<ref name=":0" /> In 1979, Columbia agreed with Time-Life Video to release 20 titles on [[videocassette]].<ref>{{Cite news|url=https://www.nytimes.com/1979/06/13/archives/videotapes-for-homes-800000-recorders-sold-cassettes-for-rent.html|title = Videotapes for Homes|newspaper = The New York Times|date = June 13, 1979|last1 = Brown|first1 = Les}}</ref>